BP says Gulf oil spill cost now hits $8b

BP Plc said on Friday the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion and that it was two weeks away from sealing the well for good.

BP also indicated that there had been no major uptick in the amount of money being handed out to those affected by the spill, under the new independent compensation system, established in a deal with the White House.

On average, since August 23, the Gulf Coast Claims Facility, a $20 billion fund headed by former government pay Czar Ken Feinberg, paid out around $3.5 million per day, broadly in line with the amount paid before BP handed over responsibility for administering claims.

Some investors had feared Feinberg could take a more generous approach to paying out damages.
Source: Reuters

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